Euro Soars to Multi-Month Highs Against USD
- EUR/USD trades at multi-month highs above 1.0650 early Wednesday.
- US Dollar under pressure ahead of key data releases from the US.
- Technical outlook indicates overbought conditions in the near term.
The EUR/USD pair continues its upward trajectory, reaching its highest level since early November above 1.0650 on Wednesday. The technical analysis suggests overbought conditions in the near term, but investor sentiment remains cautious pending key data releases from the US, which could impact the US Dollar’s performance.
Euro Price Performance This Week
The table below depicts the percentage change of the Euro (EUR) against major currencies this week, with the Euro showing strength against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|
Recent concerns about a potential economic downturn in the US have led to a sell-off of the USD. News of potential tariff rollbacks on Canadian and Mexican imports by President Trump has further pressured the USD. The positive market sentiment has hindered the USD from gaining traction, with US stock index futures reflecting an upward trend.
The Euro has benefited from political developments in Germany, where discussions on increasing defense spending and creating an infrastructure fund have boosted investor confidence.
Later today, the US economic calendar will feature ADP Employment Change and ISM Services PMI data for February.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart indicates overbought conditions. Key levels to watch include:
- Immediate Resistance: 1.0700, 1.0760, 1.0800
- Interim Support: 1.0650, 1.0600, 1.0510-1.0500
Euro FAQs
Here are some frequently asked questions about the Euro:
- What is the Euro?
- Who manages the Eurozone’s monetary policy?
- How does Eurozone inflation impact the Euro?
- What economic indicators influence the Euro?
- How does the Trade Balance affect the Euro?